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Large British businesses
will spend over $5.3 billion on climate change initiatives
in 2010, up eight percent on the previous year, according
to a report by UK-based research firm Verdantix.
UK business expenditure on climate change and sustainability
initiatives fell by 3 percent in 2009, as companies had less
cash in the economic slowdown.
The climate and sustainability market will grow by 14 percent
a year to reach $8.4 billion in 2013, Verdantix
forecasts.
The research group based its report on the spending of over
450 UK companies with revenues of more than $1 billion from
2008 to 2013, taking into account UK economic growth figures,
energy and carbon prices, regulatory decisions and innovation
drivers.
Much of companies' expenditure so far has been done on a
voluntary basis. A mandatory UK government plan to cut corporate
energy use starting in April could spur more climate spending,
though a recent report
said firms were unprepared for the scheme.
"We are still in a transitional phase. Lots of companies
are investing in pilot projects. They are waiting for clearer
signals from customers, regulators and investors to put their
foot on the pedal and that will be more like 2012 or 2013,"
David Metcalfe, director of Verdantix, told Reuters.
On average, large UK firms with annual revenues greater than
$1 billion will spend 0.16 percent of revenue on their climate
change and sustainability program in 2010. "This equates to
an average of $11.7 million per firm," Metcalfe said.
The top spenders this year will be the retail industry at
$944 million and the oil and gas sector at $637 million.
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